Treasury Secretary: "it would be impossible for the United States of America to meet all of its obligations for the first time in our history."
Debt ceiling crunch no later than Oct. 17
By Jeanne Sahadi
September 25, 2013: 4:01 PM ET
NEW YORK (CNNMoney)
Treasury to Congress: The heat’s on to raise the country’s debt ceiling.
Treasury Secretary Jack Lew said Wednesday he now estimates he will have less cash on hand to pay the country’s bills in mid-October than he previously thought.
Instead of the $50 billion he estimated a few weeks ago, he now thinks the cash balance will be closer to $30 billion.
“This amount would be far short of net expenditures on certain days, which can be as high as $60 billion,” Lew said in a letter to lawmakers. “If we have insufficient cash on hand, it would be impossible for the United States of America to meet all of its obligations for the first time in our history.”